Buckingham Exploration Inc. Announces Private Placement of Fifteen Million Units

Dec 23, 2010, 18:31 ET from Buckingham Exploration Inc.

CANON CITY, CO, Dec. 20 /PRNewswire/ - Buckingham Exploration Inc. (the "Company") (OTCBB: BUKX) announces today that it has completed the sale to a non-US investor on a private placement basis of an aggregate of 15,000,000 units of the Company at a price of $0.01 per unit (the "Offering"), for aggregate gross proceeds of $150,000.  Each unit is comprised of one share of common stock and one-half of one common stock purchase warrant, with each full warrant exercisable at a price of $0.10 per share for 12 months. The net proceeds from the private placement will be applied towards the repayment of the indebtedness of the Company to certain non-related and related party creditors.

Pursuant to the terms of the Offering, the Company appointed Simon Eley, a director of the investor in the Offering, as a director of the Company.

About Buckingham Exploration Inc.:

Buckingham Exploration is an exploration stage company whose principal business is the acquisition and exploration of mineral resources.  Information about the business of the company can be found in its filings with securities regulatory authorities.

Forward-looking Statements:

This press release may contain forward-looking statements that involve risks and uncertainties. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology including "could", "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential" and the negative of these terms or other comparable terminology. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested in this report. Except as required by applicable law, we do not intend to update any of the forward-looking statements so as to conform these statements to actual results. Investors should refer to the risks disclosed in the Company's reports filed from time to time with the Securities and Exchange Commission and available at www.sec.gov.


SOURCE Buckingham Exploration Inc.